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11-27-2015, 04:16 PM #1
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I need honest opinions on a job offer
I found a job opportunity on daily funder, the post stated they would provide the sales rep with leads they generated from their call center which is not located in the US. They would start with about 10 of these leads per week and then they claim to open up other call centers would be 50-125 leads per week, they want the sales rep to do 300K per month and pay you 2% commissions, and 3.6 million for the year They pay on the total amount funded of 2%. My question is this is it worth it at 2%? or 76K per year. I feel this is a low ball offer, I need some advice, would you take this offer or not?
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11-27-2015, 05:01 PM #2
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JohnCut...As a direct lender I will likely have a very different perspective than some of my colleagues. But I would look at your options from the perspective of opportunity cost (google it if you do not know what this term means). In essence...compare this against other options you may have available. Are you able to generate your own leads and get them funded with other lenders, earning more than 2%? Can you do it in volume? If so, then 2% does not look very attractive.
If not, then 2% for leads that are fed to you by the lender and all you have to do is smile and dial and you don't have to worry about lead flow and you can (potentially) "instantly" have a gig paying you $76k, it looks a lot more attractive.
Bottom line, what else do you have going on in your professional life that compares against this opportunity. If you have a lot of lucrative stuff, this sounds like a lukewarm offer. If you have nothing going on other than watching Days of Our Lives and checking your Facebook status, well...you should jump in with both feet. You'll learn a bunch and could help set yourself up for bigger/better things.
Hope this helps.
Best,
Dan Page
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11-27-2015, 06:53 PM #3
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Thanks, I know what you are saying just thought funding a 30K deal and only making 600, thought was low..
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11-27-2015, 06:30 PM #4
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What will you call after you go through your 2 leads per day??
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11-27-2015, 07:40 PM #5
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I need honest opinions on a job offer
It's not low at all when you consider operational and...cough cough...marketing costs. I've seen this space from both the owner side and the employee side, and let me tell you, either way, you better know what you are doing and have an outstanding sales ability and work ethic or you will fail, quickly. Good luck.
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11-27-2015, 08:48 PM #6
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Are you working at home or at a physical office w/ phone, etc under said company? What's your level of experience?
For the latter, 2% is the low low end of what would be acceptable, even more so with no salary or draw.
It really all comes down to your experience. Personally I have a hard time believing that companies would give their expensive inbound leads to people they just hired w/ little experience.
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11-27-2015, 10:53 PM #7jotucker1983Guest
John Cut,
Let's break this down further.......
What is a "lead" to this company? Is it a merchant that's been filtered off to be looking for some capital right now, can't get it from a conventional source, and needs an alternative source? Is that same merchant pre-qualified in terms of credit, liens, outstanding balances, etc.? Is that same merchant willing to pay the pricing of a merchant cash advance based on their Paper Grade? Is that same merchant willing to only use the money for a short period of time (6 - 15 months)?
See my response above, what type of leads are they going to be providing that's going to allow you to hit $300,000 a month in new deal origination? Furthermore, they are going to pay you 2%, which means that the "house" might be pricing deals with let's say 6% - 8% commission on them and out of that you get 2%. Again, are they pricing merchants based on their Paper Grade?
What if the "leads" they provide you put you in a situation where the merchant is A Paper with a 700 FICO, but you are required to push a 6 month 1.25 offer on them when there's 3 - 5 brokers on the merchant's phone pushing a 6 month between 1.12 - 1.20, where they will make 3 points on it (for this initial new deal, not counting their renewal monies)?
Why in the hell would the merchant go with you and not one of the other 5 brokers? You don't think "the house" would be pissed off at you for not "closing" their inefficiently priced cash advance?
I'll put it to you like this, this isn't an "offer" of anything. It's all estimates. You have no idea what type of leads you are going to get and you have no idea what type of pricing you are going to be required to "push" on merchants. By paying you 2%, I'm sure they will price deals with at least 6 - 8 points on it, which most likely won't be competitive at all with the 2 - 5 other brokers calling your merchant which will affect your closing ratio significantly in this highly competitive market.
How much experience do you have in this industry? Can you duplicate whatever the "house" is going to do on your own independently? How are they generating your leads and what type of leads are these? What is the required pricing that they will have you "push" on merchants and is that pricing competitive with the marketplace standing of the prospect (their paper grade)?Last edited by jotucker1983; 11-27-2015 at 11:02 PM.
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11-27-2015, 11:00 PM #8
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I need honest opinions on a job offer
Work at home opportunities are bull**** 98.6% of the time. If that's what the "offer" is, pass and get a real job.
Furthermore, offshore call centers, really? That's the weakest marketing in existence. Ever had the AT&T Wireless call center call YOU? And pitch business financing to boot? Only the most desperate of the desperate are going to talk to someone with a thick Indian accent reading sloppily off a script.Last edited by FUNd; 11-27-2015 at 11:08 PM.
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11-28-2015, 10:35 AM #9
If they provide all leads and office space with equipment you should start at 20% of earnings and move that up 30-50% on performance.
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11-29-2015, 11:52 AM #10
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I need honest opinions on a job offer
Lenders pay 5-15% on every deal so 2% is horrible. There are other costs to take into consideration with a shop but getting paid 2% on every deal is bad really bad unless those 10 lds ur getting a week are amazing. Think about it 40 leads a month they want you to do $300k thats 10k a lead n impossible. You can def get a better offer elsewhere.
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11-29-2015, 11:53 AM #11
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Where are you located btw im looking for more people
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11-29-2015, 12:07 PM #12
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Im paying 55% on commissions not the 15% you are looking at there
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11-29-2015, 02:13 PM #13
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First off anyone paying you a percentage of sales and not commission is a sign to run far away . They either force you to sell high and charge fees or are just plain dumb as you'll just sell it all at 2percent .
As for the leads if the transfers are from a ucc list then probably 1 out of ten of those transfers will turn into a qualified app and 1 out of 4 will be funded assuming your a decent sales man . Basically you will fund one deal a month from their marketing .
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11-29-2015, 04:33 PM #14
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I need honest opinions on a job offer
55% is solid. Good to know there's companies out there that know how much good hard work this really is.
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11-29-2015, 09:04 PM #15
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Yea man at the end of the day good work deserve good money... Eap in this space no reason to not pay what people deserve
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11-30-2015, 08:59 AM #16
yeah of course they want their sales reps to do 300K per month why wouldn't they?
If they are not offering you a salary and/or draw then this is not a "job" offer it's more of an independent sales contractor agreement. If they are only giving you two leads a day to start, this is absolutely a horrible offer. You can make more money calling out of the yellow pages (if they still exist) working from your kitchen table selling your deals direct.
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11-30-2015, 09:22 AM #17
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Seems like there are quite a few differing opinions on this thread so I feel its my turn to weigh in.
First, your level of ability and amount of experience will go a long way to determining what you deserve, if you are an industry veteran of decent ability 2% is a slap in the face.
Secondly, Off shore calling centers that are only giving you 10 "leads" per week tell you a lot about what you can expect from this job. Lets say you do reach both parties and each call lasts 10-30 minutes...even on the high end you have 8-10 hours of your day left to fill.
My advice - Keep looking
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11-30-2015, 09:45 AM #18
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A direct funder based in Miami is following the same commission model and their sales reps easily make $100k-$240K per year (plus full benefits). It's all about the funding volume. Don't knock it until you try it!
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11-30-2015, 09:54 AM #19
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11-30-2015, 10:07 AM #20
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11-30-2015, 09:57 AM #21
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2% can work if the marketing is some of the best in the biz and you know what youre doing, and even then, making 240K a year would be VERY impressive.
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11-30-2015, 10:20 AM #22
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Fair enough, but I think you hit the nail on the head when you said, "Works for companies that are dialed in on their lead gen". That's the trick isn't it? 2 Call Center leads a day doesa not produce 300K a month.
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11-30-2015, 10:37 AM #23
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11-30-2015, 10:41 AM #24
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Again, all of this hinges upon the the "type" of lead that is being given. If they are choice leads from in-bound calls etc then yah 300K would be pretty weak at month 3 but if it is essentially a name and number from the Yellow pages, at 2 a day, you'd struggle.
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11-30-2015, 10:50 AM #25
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